JKN Delisted After Founder Flees, Leaving Investors' Millions in Limbo

A former Thai media darling is now a convicted fugitive, a listed company has been thrown off the stock exchange, and thousands of ordinary savers are wondering if they will ever see their money again. That, in short, is the tangled drama swirling around JKN Global Group and its high-profile founder Jakkaphong “Anne” Jakrajutatip, who was handed a two-year jail term this week but skipped court yet again.

Quick lens on the saga

• Court jails Anne in absentia – 2 years, no suspension, ฿30 M fraud.

• Arrest warrant active – police believe she fled via Suvarnabhumi weeks ago.

• JKN delisted – last trade at ฿0.01; more than 20 000 retail investors stranded.

• SEC & DSI piling on – separate probes into fake accounts, insider sales, crypto transfers.

• Debt-market jitters – echoes of STARK and other scandals erode bond confidence.

A High-Profile No-Show

The Bangkok South Kwaeng Court called the defendant’s name. Silence. For the second time in as many months the flamboyant former TV presenter was nowhere to be seen. The bench went ahead, reading a judgment that imposed a 2-year prison term, without suspension, for defrauding an investor who bought a ฿30 M corporate bond in mid-2023. A mere ฿40 000 fine was levied on the company itself, but prosecutors stress the conviction opens the door to larger civil claims.

The 30-Million-Baht Bond Trap

Between 24 July and 8 August 2023, Anne’s team pitched what looked like a routine private placement to physician-turned-investor Dr. Raweewat Maschamadol. Court documents say the company’s liquidity crisis, looming bond maturities, and missed coupon payments were kept off the table. Instead, glossy decks highlighted future cash from the Miss Universe Organization, a purchase that itself is now under regulatory scrutiny. By the time reality surfaced, the bond was in default and the entire principal plus interest had evaporated.

Regulators Turn Up the Heat

Thailand’s Securities and Exchange Commission (SEC), spooked by the court findings, rolled out a flurry of measures in April, June, and December 2025. They include a 56-month director ban for Anne, a ฿4 M civil fine for false statements, and a criminal complaint to the Department of Special Investigation (DSI) over alleged window-dressing of 2023–24 accounts. Investigators also froze company and personal assets for 180 days, citing suspicious transfers of roughly ฿6 B worth of crypto to offshore wallets.

Investors Left Counting the Cost

When the Stock Exchange of Thailand reopened JKN shares for a final seven-day window, the price plunged from ฿0.31 to ฿0.01. The stock is now officially delisted, wiping out what remained of a company that once traded above ฿16. On the debt side, at least seven bond tranches are in default, leaving ฿3.2–3.3 B outstanding. A growing group of retail note-holders is exploring a class-action path, but lawyers caution that asset recovery could be complicated by Anne’s overseas flight and the firm’s collapsed rehabilitation bid.

A Pattern That Hits Confidence

The scandal lands barely 18 months after the STARK Corp debacle and follows lesser-known defaults at Hydrotek, Nok Airlines, and Sabuy Tech. Each case involved some mix of false financials, unsecured high-yield bonds, and minimal due diligence by buyers. Local brokers say subscription data show retail investors still chase coupon yields north of 9 %, even as headline inflation hovers below 2 %. Market veterans warn that without tougher disclosure rules and active trustee enforcement, Thailand’s bond market risks permanent damage to its credibility.

How to Guard Your Baht

Scrutinise a prospectus for cash-flow coverage, not just leverage ratios.

Check if the issue carries a credit rating; if none, price in the worst-case.

Confirm the presence of a bondholders’ representative and read its mandate.

Diversify across multiple issuers and maturities; one default should not ruin a portfolio.

Track SEC announcements; red-flag notices often appear months before a default.

When in doubt, spend a few hundred baht on a professional opinion—it is cheaper than losing millions.

Outlook: Bigger Than One Fugitive

Police sources say Anne may have travelled through Mexico to South America, aided by a business associate now facing his own legal troubles. Extradition could take years. Meanwhile, Thailand’s regulators are drafting an overhaul that would force companies to set aside escrow reserves for bond redemptions and rotate their external auditors more frequently. For Thai households still hungry for yield, the lesson is stark: headline coupons rarely compensate for opaque governance. In the end, trust—not interest rate—is the true return on any investment.